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Limited liability partnership definition

Limited Liability partnership is incorporated under the Limited Liability Partnership Act, 2008 where unlike the traditional partnership have a separate legal entity, can hold property, having perpetual succession and there is no liability of one member to be responsible for the negligence or misconduct of the other member. According to the Indo American Chamber of Commerce the limited liability partnership is defined as “a hybrid between a company and a partnership” as LLP allows its members upon agreement to have flexibility in their internal structure and at the same time provides benefits of limited liability.

Limited liability partnership is a form of business partnership where partners have only limited liability. It combines the advantages of partnership as well as the advantages of limited liability firms. In limited liability partnership one partner cannot be held liable for another partner’s misconduct.